Humber Real Estate Course 3, Module 1, Introducing Residential Condominiums Questions And Answers Rated A+

A buyer purchasing a pre-construction condominium is required to place a ____________ with the builder to hold the specific unit until it is ready to be occupied. - Deposit A common element condominium must be a __________ condo and not a vacant land or a phased condominium. - Freehold A copy of the condo's __________ must be registered in the Land Registry Office. - Bylaws A developer is not permitted to terminate an agreement without the buyer's consent unless by way of a ______________. - Court order A licensed condominium manager must not be employed by more than one _____________________ unless they have obtained the written consent from all firms that employ them. - Management firm A manager who holds a General License or a Transitional General Licence must not be directly employed by more than how many condominium corporations? - 3 After a 'Disclosure Statement' is given to the buyer of a new condo, what are the buyer's rights regarding termination of the APS? - Buyers can rescind the agreement and have any deposits refunded without penalty within 10 days of receiving the disclosure statement OR the *fully signed* copy of the APS This 10 days is known as the "cooling-off" period. Buyers can cancel for any reason within this period but they must provide written notice of cancellation.After the 'First Board' is elected, how soon must a 'First Meeting' be called? - Whichever date is latest: a. The 30th day after the day by which the declarant has transferred 20% of the units in the corporation b. The 90th day after the declarants transfers the first unit in the corporation *At this meeting, the owners may elect 2 directors to the board who hold office in addition to those appointed by the declarant. **This is DIFFERENT than the turnover meeting and occurs first! After the turnover meeting, what items is the declarant required to deliver to the board within 30 days? - - As-built architectural, structural, engineering, mechanical, electrical, plumbing and underground site service plans - Existing warrantees or guarantees on equipment and fixtures included in the sale of units or common elements - Documentation relating to the Ontario New Home Warranties Plan Act - Statement of owner/corporation responsibilities concerning repair after damage and maintenance - Details of what constitutes a standard condominium unit - Corporation financial records - All reserve fund studies completed or required to be completed - Most current disclosure statement- Other materials as required by the Condominium Act After the turnover meeting, what items is the declarant required to deliver to the board within 60 days? - Audited financial statements as of the last day of the month in which the turnover meeting is held. All condominium management firms and managers must maintain an ________________________ for service from the Condominium Management Regulatory Authority of Ontario. - Ontario address All condominium properties must comply with the __________________________, the legislative framework governing the construction, renovation and conversion of buildings. - The Building Code Act, 1992 As defined by the Condominium Act, the _____________ establishes the legal structure of the condominium corporation and the ______________ presents a diagrammatic presentation of the property. - Declaration, description As specified in the bylaws, how long are board appointments for? - 3 years or less Board meetings must have a quorum consisting of the _________________ of the number of ________________. Meetings may be held by teleconference, if necessary. - Majority, directors Board members are to provide regular ___________ with the owners and access to the corporation's financial and other records. - Communication Builders are required to provide a buyer with a specific ____________________ and to state whether it is tentative or firm. - Occupancy DateBuyers of new condominiums do not officially own their unit until the condominium is registered and the title is transferred from the builder to the buyer. When a buyer takes occupancy before the corporation is registered, this period is known as what? - Interim occupancy Buyers receive an HST ____________ for the purchase of a pre-construction condominium if their intention is to live in the new unit upon closing (if they qualify). The pre-construction agreement usually stipulates the buyer will pay the amount of the rebate to the ___________. - Rebate, builder Common elements are covered for the lesser amount of _________________ times the number of units, or $2.5 million. There is no warranty coverage for the common elements that are part of a common elements or vacant land condominium. - $50,000